Be Aware of the Most Important Plan Options in a Professional Disability Insurance Policy

• Own-occupation coverage. Most group disability income insurance and low cost individual disability insurance plans define the end of a disability as your ability to perform the duties of any gainful occupation. Having own-occupation coverage means you should continue to be eligible for disability benefits until you are able to resume the duties of your particular occupation or specialty.
• Future increase option. This feature serves to guarantee your future insurability and earnings. As a professional, you can normally expect to earn higher income in the future. This provision allows you to increase your benefit amount when you wish, and it guarantees you insurability even if your medical history takes a turn for the worse.
• Inflation protection. Even if your regular income does not often increase dramatically, you are still subject to the erosion of inflation on a yearly basis. This option provides for an increase in your monthly benefit based on inflation rates.
• Non-cancelable or guaranteed renewable. The unenviable reality is that anyone’s medical situation can change rather quickly. These provisions provide the security that you will not be denied coverage should your health decline over the term of your career.
• Return of premium and/or waiver of premium. With reduced income as a result of a covered disability, a waiver of premium means that no monthly premium is due while you are disabled, thereby providing more funds to cover your living expenses. A return of premium disability insurance option states that under certain conditions (usually a substantial time period when no claims are filed) disability insurance companies will return a portion or all of the premiums you have paid during the specified period.